Insight Acquisition called a June 5 meeting for shareeholders to vote on an extension proposal that would give the SPAC six more months to complete its $110 million merger with Alpha Modus, a technology company with a core focus on artificial intelligence in retail.
If the extension is approved, the SPAC’s sponsor would deposit the lesser of $20,000 or 2 cents a share for each month up to the new deadline.
Terms for the Alpha Modus deal also include a potential $22 million earn out for Alpha Modus stockholders and a $7.5 million earn out for Insight’s sponsor, both payable through the issuance of the combined company’s common stock at $10 per share and based on the achievement of price targets.
The deal is not subject to a minimum cash closing condition.
Alpha Modus offers technology as a service. Its core technologies have been deployed on IBM’s Bluemix platform and earned a Beacon Award by IBM 2016 for Best New Application on IBM Cloud from an Entrepreneur. Alpha Modus has been recognized by IBM Watson as a thought leader in technology. Read more.
